The two countries have also explored new avenues of investment cooperation. Prime Minister Sheikh Hasina welcomed Spanish investments in any sector of Bangladesh for mutual benefits, when she met the outgoing Spanish ambassador to Bangladesh, Francisco de Asis Benitez Salas, on Wednesday. She also thanked him for his efforts to strengthen the bilateral relations during his tenure.
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In the past, the ambassador had expressed his appreciation for the progress and development of Bangladesh under the leadership of Prime Minister Sheikh Hasina. He had highlighted the role of the Bangladeshi diaspora in Spain, which has increased to over 100,000 people, in enhancing the people-to-people contacts and cultural exchanges between the two countries.
Bangladesh and Spain have enjoyed a cordial and friendly relationship since the establishment of diplomatic ties in 1972. The two countries have cooperated in various fields, such as development, culture, education, and tourism. However, trade and investment have been the main drivers of their bilateral relations in recent years.
Bangladesh-Spain Economic Ties
Spain is one of the largest export destinations for Bangladesh in Europe, especially for the ready-made garments (RMG) sector. In the fiscal year 2022-23, Bangladesh exported RMG products worth $3.57 billion to Spain, registering a 18.53% growth rate from the previous year. Spain was the second-largest European market for Bangladesh’s RMG products after Germany.
On the other hand, Bangladesh imported goods worth $216 million from Spain in the calendar year 2022, showing a 3.5% increase from the previous year. The main items of import from Spain were machinery, chemicals, textiles, and metal products.
He also mentioned the resolution passed by the European parliament in March 2023, which called for free and fair elections in Bangladesh and urged the government to respect human rights and democratic principles. He said that Spain supports the aspirations of the Bangladeshi people for a peaceful and prosperous future.
Bangladesh-Spain maritime cooperation
Another area of potential cooperation between Bangladesh and Spain is the maritime sector. Both countries have a strategic location in their respective regions, which gives them access to important sea routes and ports. Both countries have historically strong naval ties. The Spanish Navy once enabled the birth of the Spanish Empire, while Bengal was a historically prominent sea trading route that once catered to vessels from as far as Arabia.
Today, Spain is a key hub for maritime trade in Europe, owing to its proximity to the Mediterranean Sea and the Atlantic Ocean. It has three of the top ten ports in Europe: Barcelona, Valencia, and Algeciras. These ports handle a large volume of cargo and passengers, and connect Spain with other continents. Bangladesh also has a significant maritime advantage, as it is situated in the Bay of Bengal, which is a vital link between the Indian Ocean and the Pacific Ocean. Bangladesh has two major seaports: Chattogram and Mongla, which handle most of the country’s external trade. Bangladesh also has plans to develop a deep-sea port at Matarbari, which will enhance its connectivity and competitiveness.
The two countries have recognized the importance of enhancing their maritime cooperation, especially in the areas of port development, shipping, and logistics. The volume of export containers arriving in Spain from Chattogram Port witnessed a sharp rise in the fiscal year 2022-23, indicating the growing trade ties between the two countries. In a recent meeting between the Embassy of Bangladesh in Spain and the Port of Barcelona, the two sides discussed the possibilities of reinforcing the collaboration between their seaports. They also agreed to exchange information and best practices on port management, security, and efficiency.
Bangladesh-Spain strategic partnership
Besides trade and maritime cooperation, Bangladesh and Spain also share common interests and values in the regional and global arena. Both countries are committed to promoting an open, transparent, and rule-based international order, and to addressing the common challenges of the 21st century, such as climate change, terrorism, and cybercrime.
In this context, Spain has welcomed the recently launched Indo-Pacific Outlook (IPO) by Bangladesh, which outlines the country’s vision and priorities for the Indo-Pacific region. The IPO is based on four pillars: peace, stability, and security; development and prosperity; good governance and human rights; and partnership and cooperation.
Spain shares with Bangladesh the basic principles of the IPO, such as the need to guarantee mechanisms of maritime safety and security, to combat organized transnational crimes, and to uphold the international law and norms. Spain also supports the initiatives and platforms for dialogue and cooperation in the Indo-Pacific region, such as the ASEAN, the BIMSTEC, and the IORA.
The two countries have also cooperated in the multilateral forums, such as the United Nations, the Commonwealth, and the Non-Aligned Movement. They have supported each other’s candidatures for various positions and committees in these organizations. They have also worked together on issues of mutual concern, such as the Rohingya crisis, the LDC graduation, and the COVID-19 pandemic.
The two countries have also expressed their interest in expanding their cooperation in other fields, such as education, culture, tourism, and sports. They have agreed to facilitate the exchange of students, scholars, artists, and athletes between the two countries. They have also agreed to promote the learning of each other’s languages and cultures, and to celebrate the 50th anniversary of their diplomatic relations in 2022.
Bangladesh and Spain have a growing partnership that is based on mutual respect, trust, and benefit. The two countries have a lot to offer to each other, and to the world, in terms of trade, investment, maritime cooperation, and strategic partnership. The two countries have also demonstrated their willingness and ability to overcome the challenges and seize the opportunities that lie ahead. The future of Bangladesh-Spain relations is bright and promising.
